Los Angeles (USA), Mar 27 (EFE).- Legislators from the state of California (USA) today approved a law focused on the transparency of gasoline prices imposed by oil companies, which seeks to avoid abuse of your earnings.
This Monday a special session convened in 2022 by the state governor, Gavin Newsom, was held, in which the law was approved, a pioneer in the country, which just a week before had been presented and voted by the California state Senate .
“When you go up against Big Oil they usually run right over you, and that’s exactly what they’ve been doing to consumers for years. The legislation has the courage and the conviction to stand up to them,” Newsom told reporters after the vote took place.
The project was born due to the increase in gasoline prices in California during the last year, whose peak was in the summer of 2022 when the price per gallon reached a record figure of $6.44.
To confront him, Newsom asked state legislators to approve a tax on the profits of oil companies – which he was denied – and demanded transparency and an explanation from the companies regarding the price increase.
The price of gasoline in the state of California is one of the most expensive in the country and one of the reasons is the requirement that oil companies provide a special mixture of gasoline that is less harmful to the environment.
Still, the high prices reached in 2022 are unjustified, state regulations explain.
The bill now proposes the creation of a new independent watchdog within the California Energy Commission (CEC) to monitor the state’s oil market on a daily basis to ensure companies are following the rules.
The division made up of experts, economists and researchers, may require the submission of data and reports to refineries and will have the power to refer violations to the courts for prosecution.
The CEC will establish a penalty structure that can prevent oil companies from setting excessive prices and those who exceed the allowed margin will face a civil fine.
Newsom could sign the bill into law Tuesday and it would go into effect within 90 days.
